Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 987]

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986

BOARD OF TRUSTEES

[February 21

The bidders have proposed that the bonds, principal and interest, be payable at the First National Bank of Chicago. The Comptroller reports that the lowest bidders have met all requirements and recommends that the award be made to them. T h e new issue will result in a saving over the remaining life of the obligation estimated at $30,907 on interest cost under that of the present loan. In connection with this refinancing, the firm of Chapman and Cutler has prepared the following resolutions which should be adopted by the Board of Trustees: 1. Resolution authorizing the issuance of Men's Residence Halls revenue bonds in the amount of $400,000. 2. Resolution authorizing the President, Secretary, and Treasurer of the Board of Trustees to execute all instruments necessary for the termination of the trust. 3. Resolution designating two members of the Board of Trustees to act with the officers in executing the bonds as provided by statute. I recommend adoption of these resolutions. The Finance Committee has been asked to review the bids and report to the Board. M r . Williamson reported that the Finance Committee h a d reviewed these bids a n d resolutions and recommended adoption. RESOLUTION NO. 1

RESOLUTION AUTHORIZING THE ISSUANCE OF M E N ' S RESIDENCE H A L L S REVENUE BONDS IN THE AMOUNT OF $400,000

Resolution authorizing and providing for the termination of an existing trust between the University of Illinois Foundation, a corporation duly organized under the laws of the State of Illinois, and the Board of Trustees of the University of Illinois, and to reacquire the interest in the Men's Residence Halls, located at 1215 South Fourth Street in the City of Champaign, Illinois, conveyed to said Foundation pursuant to said existing trust, and authorizing the issue of $400,000 Men's Residence Halls Revenue Bonds of 1948 for the purpose of defraying the cost of terminating said trust and reacquiring the interest in said property conveyed pursuant to said trust, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenues of said Residence Halls for the purpose of paying the cost of maintenance and operation of said buildings, and payment of the principal of and interest on said revenue bonds. Whereas pursuant to "An Act to authorize the Board of Trustees of the University of Illinois to provide for the payment and termination of any trust created by and between the Board of Trustees and any person or corporation pursuant to any law involving any building used by said University for student social activities, or educational purposes, or for the acquiring or reacquiring of property or interest in property used by said University for student social activities or educational purposes and conveyed in connection with the creation of such trust by said Board of Trustees pursuant to any existing law, levy and collect service charges, rates or rentals for the use thereof, to complete the construction of or equip any such buildings, defining the duties of said Board with respect to the operation and maintenance and construction thereof, providing for and authorizing the issue of bonds to defray the cost thereof, payable solely from the revenues derived from the operation of any such building or buildings, and for the refunding of any such bonds," approved May 27, 1041, as amended, and other acts supplementary thereto, this Board of Trustees of the University of Illinois is authorized to issue revenue bonds for the purpose of procuring funds to terminate any existing trust involving any building now used by the University for student social activities or educational purposes, and to establish rates or charges for the use of said building, and pledge the revenue from such charges or rates for the payment of the revenue bonds so issued; and Whereas this Board of Trustees has heretofore, pursuant to existing law, created a trust by and between said Board and the University of Illinois Founda-